Tuesday, August 13, 2019 1:00 am
Aramco buying into India firm
NEW DELHI – Oil giant Saudi Aramco is buying 20% of Indian conglomerate Reliance Industries' oil and chemicals business for about $15 billion, in a deal that gives it heft and diversity ahead of a long-awaited IPO.
For India, the deal amounts to one of the country's largest foreign direct investments.
Reliance Chairman Mukesh Ambani on Monday told an annual meeting of shareholders that Aramco will also supply Reliance's Jamnagar refineries with 700,000 barrels of oil a day on a long-term basis. The refining complex has a capacity to process 1.4 million barrels per day.
The deal will help diversify the business operations of Aramco, which has been traditionally focused on pumping oil out of the Middle East.
BlackRock invests in Authentic Brands
BlackRock is taking a sizable stake in the parent of Sports Illustrated and the retail chains Nine West and Aeropostale, becoming the company's largest shareholder.
Financial terms were not disclosed. The Wall Street Journal, which first reported the deal Sunday, cited anonymous sources who put the investment at $875 million, valuing the entertainment and marketing company at $4 billion, including debt.
Authentic Brands Group has more than 50 brands and nearly $10 billion in annual global revenue.
Other investors in the New York company include founding investor Leonard Green & Partners, General Atlantic, Lion Capital, Simon Property Group, Brookfield Properties' retail group and Shaquille O'Neal.
Icahn gets seats on Cloudera board
Carl Icahn has reached an agreement with Cloudera Inc. that will see the activist investor awarded two seats on the technology company's board.
The billionaire disclosed his position in the enterprise cloud-software company this month, arguing it was undervalued. Icahn has been building his position since and held roughly 18.4% of the company as of last week, according to a regulatory filing.
Under the terms of the agreement, Icahn employees Nicholas Graziano and Jesse Lynn will join Cloudera's board, the parties said in a joint statement Monday.
Report: CBS, Viacom closing in on deal
Speculation that a CBS Corp.-Viacom Inc. merger announcement was imminent, and that CBS might score a slight premium for its shares, prompted Viacom's stock to fall in Monday morning trading.
The companies are in the final stages of reaching a merger agreement. Board members representing two firms, both controlled by the Sumner Redstone family, worked through the weekend to try to nail down final details – but still had not reached agreement on a price, according to a person familiar with the situation. The deal was expected to be announced Monday, but Bloomberg News noted that the “timing could slip into (today).”
Automattic buying Tumblr from Verizon
Verizon is selling Tumblr, a posting site with a devoted fan base. The buyer is Automattic, the parent company of blogging platform WordPress.
Tumblr is a visual site known for angering users with a porn ban and hosting content from millions including celebrities like Taylor Swift.